In a freshly published personal account, called Ithaki, the ex- leader Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's version, he appointed that maverick economist Varoufakis as the finance minister largely due to his global profile along with his “extremely attractive” skills as a public orator.
“In reality, he was, actually, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader claims that his finance chief possessed his own motives which involved promoting his books and experimenting with his theories using the nation instead of genuinely advocating the country's economic stability.
He noted that the negotiations to stave off insolvency became “not only a method of achieving improved terms for the country. They were a test, a monumental chance to demonstrate the truth of his ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously close to leaving the single currency area.
At stake was both the country's future and the punishing austerity policies demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into further crisis of identity.
Even though the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a backup strategy that included creating a secondary currency and issuing coupons to retirees, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive style left him more and more alone among peers, put Greece at risk, while assisted hawks who were advocating Grexit.
The retelling of history has provoked fury and shock in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
